Boutique fund manager Instreet Investment has sealed a joint venture agreement with US-based investment and personal finance start-up Acorns Grow.
The deal will see Instreet establish a new company, Acorns Grow Australia Limited, to oversee distribution of the free mobile application technology in Australia.
“In a very short period of time in the US Acorns has revolutionised how people perceive investing in shares, making it simple and making it appealing to those either new to investing or those who don’t want to deal with a broker or financial adviser,” said Instreet managing director and ifa blogger George Lucas.
Former RBS investment banker Brendan Malone has been hired as chief operating officer for the new venture, with further appointments to come.
Acorns founder Jeff Cruttenden said Instreet shares its vision and is an appropriate partner for its expansion into Australia.
“Acorns has always wanted to take the app to international markets and do so with a company that has strong local knowledge in the financial services sector,” he said.
ASIC says it does not expect superannuation trustees to check every SOA, despite concerns that the first QAR bill would ...
A new report from Adviser Ratings revealed more advice firms are actively working to increase their client load, ...
The FSC CEO has acknowledged the scepticism around adding advice businesses to the board but said the industry body is ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin